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April 19, 2024
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Tinubu signs executive orders, suspends 5% cent excise tax on telecoms

President Bola Tinubu has signed four Executive Orders one of which is the suspension of the five per cent Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.

The Special Adviser to the President on Special Duties, Communication and Strategy, Mr Dele Alake, disclosed this on Thursday while briefing State House reporters at the Presidential Villa, Abuja.

According to him, the first one is The Finance Act (Effective Date Variation) Order, 2023, which has now deferred the commencement date of the changes contained in the Act from May 23, 2023 to September 1, 2023 to ensure adherence to the 90 days minimum advance notice for tax changes as contained in the 2017 National Tax Policy.

The second one is The Customs, Excise Tariff (Variation) Amendment Order, 2023 which has also shifted the commencement date of the tax changes from March 27, 2023 to August 1, 2023 and also in line with the National Tax Policy.

Thirdly, Alake said the President had given an Order suspending the 5% Excise Tax on telecommunication services as well as the Excise Duties escalation on locally manufactured products.

Fourthly, he said the President had ordered the suspension of the newly introduced Green Tax by way of Excise Tax on Single Use Plastics, including plastic containers and bottles.

He added that the President had ordered the suspension of Import Tax Adjustment levy on certain vehicles.

The presidential spokesman said Tinubu issued these orders to ameliorate the negative impacts of the tax adjustments on businesses and chokehold on households across affected sectors, stating that the president will not exacerbate the plight of Nigerians.

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